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04 December 2013 | Free Daily Analysis | EURUSD : PIVOTS NO MATCH FOR NEWS


G’day Surfers – Double Bottom rules!

Yesterday’s Report

 

Incredible unemployment figures out of Spain yesterday, ensured EUR/USD was headed in one direction only – UP. The only chance we had to trade the rally was right on the News release so no order. At day’s end, the Double Bottom I wasn’t trusting yesterday, proved trustworthy after all.

Technical Analysis

Whilst Price Action (PA) failed to make a new High Yesterday, it was a pretty solid response to Monday’s selling and Daily Pivot (DP) recovered sufficiently to restore Bullish Pivot formation. The Bullish nature remains locked inside a Channel (Flag) #1 however and my doubt over clear direction remains. The recently tested DP has again failed to hold up PA, perhaps it can ultimately, offer some Support? If so, the new Flag #2, could be the guide for the day.

The Day Ahead

I’m slightly Bullish but happy to go with PA when it comes to my Hotspots.

High Impact News – CET

2:15pm USD ADP Non-Farm Employment Change

2:30pm

USD Trade Balance

 

4:00pm

USD ISM Non-Manufacturing PMI
USD New Home Sales

Wonderful Wednesday all.

Geoff Pyne  
CERTIFIED TRADER
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